Rhoen-Klinikum Falls on B. Braun Stake: Frankfurt Mover

Aug. 27 (Bloomberg) -- Rhoen-Klinikum AG fell in Frankfurt
trading as B. Braun Holding GmbH took a stake of at least 5
percent in the German hospital operator and a renewed takeover
bid from Fresenius SE failed to materialize.

B. Braun, a closely held maker of medical supplies,
notified Rhoen-Klinikum of the stake today, Rhoen-Klinikum said
in a statement. Braun, based in Melsungen, Germany, crossed the
thresholds of 3 percent and 5 percent, according to the
statement.

B. Braun purchased the stake “because they trust the
positive development of the private hospital market in
Germany,” according to a statement from law firm Clifford
Chance, which is representing the medical company in the matter.
The firm declined to comment further.

The stake may make it more difficult for Fresenius to
revive its offer for Bad Neustadt an der Saale-based Rhoen-Klinikum. Fresenius has said it will announce by the end of
August whether it will pursue the acquisition, scuttled after
hospital operator Asklepios Kliniken GmbH blocked the 3.1
billion-euro ($3.9 billion) deal by buying shares of the target
in June.

Rhoen-Klinikum fell 0.7 percent to 20.14 euros at the close
of trading.

Blocked Bid

Asklepios’s stake blocked Bad Homburg, Germany-based
Fresenius from getting the 90 percent of Rhoen-Klinikum’s shares
it needed in its initial tender offer. Fresenius now is leaning
toward a new offer under which it would need 50 percent plus one
share to complete the deal, said two people with knowledge of
the company’s deliberations who declined to be identified
because the matter is confidential.

Matthias Link, a spokesman for Fresenius, declined to
comment on Braun’s stake in an e-mail. Rhoen-Klinikum said in an
e-mailed statement it doesn’t comment on changes in its
shareholders’ structure.

Manager Magazin reported last week that Fresenius was
considering a bid for 50 percent plus one share.